Cotton prices are posting 95 to 176 point gains on Tuesday, s futures get a bounce on weaker conditions. Outside factors are helpful, with crude oil up 87 cents and over $80/barrel.
An update on the crop from NASS showed cotton 90% planted, 1% behind average. The crop was also 22% squared, 4% above normal, with 6% setting bolls. Condition ratings were down 2% on the week at 54% gd/ex, as the overall score via the Brugler500 index was down 7 points to 346. Much of the worsening conditions were in the more fringe states, with AL and AR down 10 and MS 11 points lower. Texas ratings did drop 7 points, with Georgia actually improving by 1 point.
The ICE certified cotton stocks were down 920 bales on June 14 at 137,063 bales. There were 931 decerts, with just 11 new certs and 6,005 bales awaiting review. The Cotlook A Index was up 30 points on June 17 at 82.15 cents/lb. The USDA Average World Price (AWP) was down 81 points to 57.32 cents per pound last week. That is effective through this Thursday.
Jul 24 Cotton is at 71.62, up 168 points,
Dec 24 Cotton is at 73.04, up 127 points,
Mar 25 Cotton is at 74.21, up 116 points
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